Synopsis:
- Health insurance continues to drive growth in the general insurance sector, remaining the largest contributor to total gross direct premium income (GDPI).
- The market share of Standalone Health Insurance (SAHI) has been on upward trend, reaching 30% of the overall health insurance premium and 56% for retail health insurance premium in FY24.
- While SAHIs are monoline focus companies targeting on health insurance, their key focus has been retail health (contributing 73% to SAHIs GDPI) and has been a key driver of business growth.
- While SAHIs showcase better underwriting performance due to a retail-focused approach, their return metrics are yet to be in par with private multi-line general insurance companies, which benefit from scale and diversified line of business (LOBs).
